Social security needs to expand to cover the costs of the
quickly aging population. Bernie sanders wants to end elderly poverty rate by
removing or raising the cap placed on the taxable income that goes back into
social security. Social security keeps millions senior citizens out of poverty.
Before social security was around, about of the senior citizen population were
in poverty. With social security, fewer than 10% of all senior citizens live in
poverty. This huge difference is all made by what some of us rely on. Bernie refutes Republican views, which claim
that social security “is going broke.”
Bernie has introduced
his plan in order to raise the cap on taxable income so that the upper class ($250,000
a year) will pay the amount towards social security as middle and lower class
earnings. He also did not agree with the idea to raise the social security age.
This would mean that the elderly would have to wait longer in order to receive their
social security. Lifting the cap will allow social security payments to rise
about $65 a month. “The social security expansion act will ultimately expand
retirement benefits for the retirement program and would only impact the top
1.5% of wage owners.” Many people work hard their lives. At this point in a
senior citizens life, they do not need to invest anymore, their job is
essentially over. The elderly would be using their extra money for something of
their interest, which is something difficult to achieve.
I agree with Bernie. Lifting the cap would allow the government
to invest more money in social security which would ultimately increase the “life
expectancy” of social security. The increase in spending of the money from the
elderly would also stimulate our economy and increase our GDP causing an
increase in aggregate demand as shown in the graph.
